Compliance in Law Firms our Top Tips – Part 2
How to ensure your law firm is compliant
There is no doubt that regulatory requirements and furthermore proof of understanding of those obligations has stepped up a gear over recent months. The SRA have requested AML declarations and have begun their widespread compliance checks on firms, including checks on websites for cost and service transparency requirements.
If you are at all worried about these checks, or have received non-compliance notices from the SRA, you should contact our compliance team urgently. We can provide law firms assistance with their regulatory requirements. Email email@example.com or call 0203 911 9710 for more information about this service.
The Strategic Partner works with firms and their compliance officers providing them with the ability to engage with our services to ensure they fulfil their regulatory and risk management requirements, allowing them to focus their time and attention on servicing their clients, managing fees and the firm.
Find out more: Compliance and Regulation Service
Understanding and adopting your requirements
Effective compliance relies on a law firm’s understanding of the regulatory objectives and there being a compliant environment where all staff conform to and respect what is required of them.
Last week we published our first blog - 'Tips on running a compliant law firm' - this week we continue with a few more solutions on how to ensure your firm is compliant.
- Do not shroud your firm is complex procedures and bureaucracy that will not work in practise. It will lead to poor implementation and disengagement
- Maintain registers to record your activity on an ongoing basis
- Train your staff annually and all new starters. Evidence that training has been provided
- Perform an annual risk assessment of your firm to ensure all areas of risk are identified
- Review your registers and look for trends. Interact with your staff and adapt what you are doing where necessary
- Do not take regulation too far. Understand what you need to do and achieve the standard. Making life complex and setting obligations that are beyond your regulators expectation often leads to problems
Plan, organise, train and maintain – combine this and you will avoid regulatory issues
Our law firm regulation and compliance administration services provide firms with a robust approach to Regulations, Compliance and risk management giving the compliance officers peace of mind that the requirements of the regulator are being met on an ongoing basis and can be evidenced.
It is an important aspect of both the codes of conduct and the Money Laundering regulations that all firms not only have policies in place to manage the firm but also:
- Policies are reviewed and updated
- There is full implementation of all policies
- Processes are audited to ensure they are working and being followed
- There is ongoing monitoring and maintenance of registers to record activity
- Staff are trained regularly and kept up to date with changes in the regulatory platform on an ongoing basis
The Strategic Partner Compliance service addresses each of these areas and more. For full details of our compliance service, please download our
compliance service brochure or visit the
compliance and regulation service page to see exactly what we do for firms and how.
Our focus is to ensure each firm that works with us operated in a fully compliant environment and stays there. Through achieving this the compliance officers in the business can be assured and confident that their obligations are being met enabling them to focus on other areas of the firm.
With pricing starting from £185 per month to achieve a compliant environment the cost effectiveness of this solution should be clear to see.
For more information about how TSP can work with you you can: